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South African rand stable ahead of producer inflation data and central bank review - REUTERS
Tannur Anders
JOHANNESBURG, Nov 28 (Reuters) – The South African rand was little changed in early trade on Thursday, ahead of October producer inflation data and the central bank’s November Financial Stability Review.
At 0644 GMT the rand traded at 18.21 against the dollar, near its previous close of 18.2050.
Domestic producer price inflation figures for October are due at 0930 GMT on Thursday followed by the South African Reserve Bank’s (SARB) November Financial Stability Review at 1400 GMT.
“In the broader context of things, with big foreign policy and geopolitical developments dominating the market landscape, the local data is unlikely to move markets much,” said ETM Analytics in a research note.
“Investors will rather use it as an update on the broader economic cycle and what that might mean for SARB monetary policy.”
South Africa’s benchmark 2030 government bond was weaker in early deals, with the yield up 1 basis point at 9.04%.
(Reporting by Tannur Anders; Editing by David Goodman)
